【正文】 Young US. Major global carveouts in 20xx included the Spanish renewable energy subsidiary Iberdrola Renovables (carved out of parent pany Iberdrola SA, one of Spain‘s main power panies), India‘s energy pany Reliance Power (carved out of parent pany the Reliance Anil Dhirubhai Ambani Group), and the Bermudabased brokerage MF Global (carved out of alternative assets pany the Man Group). ―A carveout offers real financial arbitrage,‖ says Carnoy. ―It‘s beneficial as it highlights the carved out business, allowing that management team to have its own profile and its own independence as a separate public pany.‖ Private placements and SWFs inject liquidity into global markets Private placements have grown quickly, as they offer faster and cheaper access to capital. Whenever securities are placed with an investor without using an exchange, it‘s considered a private placement. ―There are a range of categorie。A exit routes open. Although there might be another sponsor or a strategic player that wishes to buy the pany, ―in 9 out of 10 cases where there is true growth, an IPO will create higher value,‖ says Carnoy. An IPO remains the 6 Global IPO trends report 20xx Figure 4. Global IPO activity by quarter Capital raised (US$b) Number of deals 171 130 226 337339 386 337 455 333 403 347 454 344 458 342 585 381 567 440 591 236 $4 $7 $13 $26 $27 $33 $27 $37 $29 $37 $33 $68 $34 $62 $45 $105 $36 $90 $59 $102 $41 Q103 Q203 Q303 Q403 Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405 Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 Source: Dealogic, Thomson Research, Ernst amp。 Young, New York. Nowadays, panies can access different types of investor through different means, sometimes with the same offering. ―Companies can raise capital in stages, starting with institutional offerings first,‖ says Day, observing, ―A pany can usually choose the location of its IPO at an exchange with the regulatory standards and plementary financing tranches, such as a Global Depositary Receipt (GDR) or Rule 144A private placement, which best suit its specific circumstances.‖ In 20xx, although most panies listed on their domestic exchanges, larger enterprises often added crosslistings such as a Rule 144A private placement in the US. PE and VC players continue to pursue IPO exits Before the credit crisis, PE firms used cheap debt to raise more funding for acquisitions of public panies. The credit crunch has led to a slowdown in the activity of ―mega‖ PE firms with debt financing tougher to obtain. Even so, PE still shattered fundraising records in 20xx. The largest PEbacked IPO in 20xx was the US$ billion IPO of China Pacific Insurance, sponsored by the Carlyle Group. In 20xx, the IPO will continue to be a key exit route for PE firms seeking to cash out of investments made over the past few years. ―This cooling in leveraged finance borrowing may actually lead to increased IPO activity over time,‖ says Grussing. ―PE firms that in the past might have sold an acquired business to another PE firm in a socalled secondary buyout might instead need to consider an IPO exit now.‖ In 20xx, around 10% of all global IPOs were venturebacked, underscoring the key role of the venture capital (VC) industry in sourcing panies seeking to go public. Compared with a decade earlier, VCbacked panies going public are more mature at the time of their IPOs. As venture capitalists exercise more patience about their exit strategy, the average deal size continues to grow. ―The IPO market now wants panies that have revenues, cash flow and earnings, and if panies don‘t yet have them, then they‘ll wait until they do,‖ says Carnoy. She cites the US$130 million offering of Athenahealth, a US healthcare IT pany, founded a decade ago as an example of a mature VCbacked IPO that went public in 20xx. As a result of the greater maturity of the VCbacked panies, the quality has been much higher. ―Venture capitalists are putting more money into these panies and are waiting longer, letting them build larger, more established businesses before going public,‖ says Cully Davis, Managing Director and Head of West Coast Equity Capital Markets at Credit Suisse in San Francisco. “Dual track” deals help keep options open Many businesses keep their options open by grooming for more than one funding source such as a trade sale, an IPO, private equity or other transaction. ―Such IPOs are known as ?dual track deals,‘ ‖ says Carnoy. ―They may be on file with the SEC, but they may also be sold or disposed of in an Mamp。 Young 12 major exchanges that dominated listings in the past. Almost all of the global top 20 IPOs in 20xx listed on their own domestic exchanges, including such farflung locales as Madrid, Dubai, Sao Paulo, Tokyo, Bogota, Frankfurt, Brussels, Dublin, Shanghai and Mumbai (see page 14). In contrast, a decade earlier these local stock markets weren‘t considered viable listing locations and most large international panies would be pelled to list either in the US or London. Rapid growth of emerging markets has led to the establishment of new worldclass financial centers. With the adoption of international corporate governance standards and new trading technology, local stock markets continue to bee better regulated, more liquid and transparent. Local exchanges are quickly catching up with the established top league exchanges in terms of knowhow and infrastructure. For example, the Sao Pao